ETH:USD $35 Target

KRAKEN:ETHUSD   Ethereum / U.S. Dollar
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That target is based on the likelihood of retesting phase 1 of the hyperwave after entering phase 7. That is supported by the swing target from the current bear channel , as well as the visible range volume profile . Anyone calling for ETH' going to $0 is not thinking very hard about it. Not saying that isn't possible, am saying that is a ridiculous target to use as a trader. There is going to be a ton of support at $35 and even more below that. I think this will happen by late October or early November 2018. That is based on the angle of the previous selloffs which lines up with trend and horizontal support.

That is also right in line with my call for $2,860 BTC' by Oct 31. The next move will be violent after such a long consolidation and if Bitcoin breaks down it's triangle ETH' will fall faster, just like it has this entire bear market.

Selling anywhere within the top of the channel should provide tremendous risk:reward. If the green horizontal at ~$187 breaks down then it will be time to enter. I have a stop order set to open a short if that happens. However, as long as USDT:USD continues to resist below the trendline then there is a very decent chance we see another USDT’ selloff alongside a big crypto pump.

I will feel much more comfortable about disregarding that situation if a daily candle can close above that trend. Until then I will continue shorting it as well.
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What are your thoughts on this being a running/expanding flat, and a pop to approx. 800 area BEFORE dropping down to complete the correction?
+1 Reply
Sawcruhteez Kgear117
@Kgear117, I could see a bounce to $350 - $400 before continuing correction (would change my time estimates) however if we breakthrough $500 on USD exchanges then it will be time to turn bullish IMO.
+2 Reply
@Sawcruhteez, agree. But ETH has a long-long-long way to go before we could see it reversing into that territory.
p2hku Captainsmugglebutt
@Captainsmugglebutt, @Kgear117 We are talking about a short-term counter-trend move here. $350-$400 would not be a correction, it would be the main move. In my eyes there are several scenarios for ETH - 1. A double bottom at $170 range. Big volume and bounce from there would make me go all in on ETH. 2. Drop to new lows and make a final bottom at $135-150. By that time ETH would have lost 90% of it's value. 3. A year end's rally to around $270 range and then find support at around $ 240. There's no way we can get past $280-300 without actually reversing into an uptrend. There's massive resistance/supply zone there. And also please don't be the most bearish when the asset is the cheapest. Look at the last bottom we made at $167. The volume was second highest in a day ever for ETH.
p2hku p2hku
@p2hku, This entire correction could be a running/expanding flat from the ATH. So, technically, we could in fact shoot to 600 area, and it would still all be a part of the correction. I'm not looking short term.
@p2hku, completely understand. My point is the fundamentals of ETH do not support this price level at all.
p2hku Captainsmugglebutt
@Captainsmugglebutt, I totally understand you too. ETH has quite a few problems, scalability is unsolved, Vitalik leaving ETH and without ICO boom also the use case is weak. On the other hand I think crypto is dominated by technicals more. Most coins are useless but they still have $100mil - $ 5 bil market cap.
That's all based upon your "IF" btc reaches X amount then this, well it justifies that if BTC doesn't break below 5850, we won't see ETH cheaper than $160 ever but maybe double bottom for final shakeout? :D
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